The global pandemic revolutionized the way many industries operate, prompting executive leaders to rethink their strategies and account for critical changes.
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Business owners must recognize these evolving trends in order to stay competitive amid today’s climate of uncertainty.
In their report, Gartner identified six macro factors that are reshaping business today, providing executive leaders with new opportunities to grow their organizations.
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The threat of recessionIt’s easy to look at COVID-19 as the main cause of economic volatility, but the truth is that markets were already quite fragile pre-pandemic.
Given this background, it is even more critical now to take strong and timely action in order to ride out any upcoming fluctuations and strive for growth down the line.
This means using resources judiciously, investing intelligently, and above all promoting digital solutions within the organization.
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Indeed, savvy decision-making from leaders across the company is essential for a successful recovery!
Systemic mistrustConsumer and citizen trust wasn’t in a great place before 2020 hit, and it’s only been worsening since then.
Companies are feeling the effects of low trust in their supply chain shortages, talent shortages, and overall brand mistrust.
For these businesses to stay afloat, executives must evaluate how customers will view them and how loyal people will be to their brands or whether they will seek out alternatives.
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Poor economic productivityWith digitalization and remote working on the rise, workplace productivity is becoming an even more pressing issue with outdated technologies and limited tools and methods.
The old ways of doing things can only take you so far, and you need new strategies if you want to get the most out of your teams in this modern age.
As executive leaders, it is necessary for you to strategically reassess the process and personnel involved in operations.
SustainabilityAccording to the Gartner CEO and Senior Business Executive Survey in 2022 “environmental issues” made it into the top 10 priorities for the first time.
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With 9% of respondents citing it as a top-three priority, this reflects a sharp increase in focus from business leaders across the board.
Customers, investors, regulators, and employees are now all putting pressure on companies to be more sustainable.
Talent shortageIn the face of shrinking staff budgets, organizations must get creative to keep up with their in-demand talent needs.
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Instead of resorting solely to headcount increases, leading managers are finding new and innovative ways of gaining the necessary skills without expanding teams–making every team member count!
Emerging technologiesWith so many emerging technologies on the horizon, it’s essential to understand what opportunities they can bring in order to optimize for success in the coming decade.